Data on deposited demonetised notes will be made available after June: RBI
The central bank said the final calculations could be made only after counting money in cooperative banks, receipts from foreign countries and NRI deposits.
The Reserve Bank of India on Wednesday said that data on demonetised Rs 500 and Rs 1,000 notes will be made available after June 30, the day all the windows for depositing the old currency close. RBI Deputy Governor SS Mundra said the final calculations could only be done after counting deposits in cooperative banks, information receipts from foreign countries such as Bhutan and Nepal and deposits made by non-resident Indians, PTI reported.
“The final numbers and piece to piece verification of the huge volume of currency that has come in will take time,” Mundra said. The RBI had asked banks to tally their deposits after December 30, but they are yet to calculate the amount of physical cash with them, Mundra said.
While Indian citizens were asked to deposit all their old notes by December 30, Indians who were abroad between November 9 to December 30 have been given time till March 31 to deposit their demonetised cash. Similarly, NRIs have also been given time till June 30 to make such deposits. The central banks of Bhutan and Nepal coordinated with the RBI to facilitate the deposits and collection of old notes with them. Indian currency is accepted in both countries.
On November 8, the government had demonetised Rs 500 and Rs 1,000 notes, which made up 86% of India’s currency, saying the move would help smoke out those hoarding black money. It has since said that the decision will also push India into becoming a cashless economy. The move has been widely criticised by the Opposition and economists, and citizens have faced a cash crunch ever since.